Global Nitrocellulose Market Size To Grow At A CAGR Of 5.70% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 933.1 million
• Forecast CAGR (2023-2028): 5.70%
• Forecast Market Size (2028): USD 1,301.26 million
The primary factor driving the growth of the global nitrocellulose market is the increase in nitrocellulose utilisation by numerous end users for a variety of applications. The flammability, improved adherence, non-reactivity to other paints, and non-toxicity of nitrocellulose make it an ideal choice for many activities.
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Global demand for nitrocellulose will likely increase further as a result of the growing demand for sterility tests from the pharmaceutical industry. Rising research and development costs in the bio sciences will open up more profitable growth prospects for the nitrocellulose market. The demand for automotive coatings will also surge as more electric and hybrid cars enter the market which would directly and favourably affect nitrocellulose demand.
Nitrocellulose is a fundamental component of gravure and flexographic inks used in the packaging sector. Inks that are nitrocellulose-based inks are more popular over alternatives due to a number of qualities, including short drying times, strong adhesion, and simple application, which also enable customisation for each individual application. The building and construction sector makes extensive use of the nitrocellulose-based wood coating for sliding windows and doors, furniture decking, and other uses, thus propelling the nitrocellulose market growth.
Nitrocellulose Industry Definition and Major Segments
Nitrocellulose, also known as guncotton and cellulose nitrate, is made from the combination of nitric esters of the highly combustible cellulose molecule. It is an essential ingredient in many paints, lacquers, and smokeless gun powders. Refined cellulose is also used to make nitrocellulose, which is utilised in cotton linters and wood pulp. The characteristics of nitrocellulose can vary depending on the cellulose availability, acid concentration, reaction temperature, time, and acid-to-cellulose ratio.
Based on product type, the market is classified into:
• M Grade Cellulose
• E Grade Cellulose
• Others
On the basis of application, the market is segmented into:
• Printing Inks
• Automotive Paints
• Wood Coating
• Leather Finishes
• Nail Varnishes
• Others
Based on end use, the market is categorised into:
• Building and Construction
• Textile
• Automobiles
• Aerospace
• Personal Care and Cosmetics
• Marines
• Others
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Nitrocellulose Market Trends
The key trends in the market for nitrocellulose are its increasing use in the cosmetics industry for nail paints. The majority of nail lacquer formulations contain nitrocellulose since it adheres to natural nails well. These coatings are semi-occlusive, meaning they protect the nail while yet enabling it to breathe. Therefore, it is anticipated that demand for nail varnish applications would increase as the global cosmetics industry’s revenue grows, thereby supporting the nitrocellulose market.
In the pharmaceutical industry, nitrocellulose is used to make over-the-counter (OTC) medicines for the treatment of corns, warts, and calluses. Nitrocellulose is also being used more frequently for the creation of membranes for microfilters, electro methods, skin protectants, microscopy embedding, and the immobilisation of protein, ribonucleic acid, and DNA with labelled sequences or antibodies. The production of membranes for microfilters, electro methods, skin protectants, microscopy embedding, and the immobilisation of protein, ribonucleic acid, and DNA with labelled sequences or antibodies using nitrocellulose is also gaining popularity.
The nitrocellulose market is predicted to expand quickly in the Asia Pacific region. This can be attributed to the expanding markets for personal care products, printing inks, paints and coatings, cosmetics, and more, in Asia Pacific nations including South Korea, India, and Indonesia, among others. Emerging economies like India, Thailand, and China are among the top exporters and importers of cellulosic material in the region.
Key Market Players
The major players in the global nitrocellulose market report are DuPont de Nemours, Inc., GRN Cellulose Pvt. Ltd., Synthesia A.S., The Nitrocellulose Group, and TNC industrial Co. Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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